A&B Properties held a traditional Hawaiian groundbreaking and blessing ceremony for its $200 million, 465-unit luxury condominium complex in Honolulu, the Pacific Business News reports.

The Collection Luxury Condominium Complex in Honolulu

Called The Collection, the project is being developed on the former 3.3-acre CompUSA site at 600 Ala Moana Blvd., a single urban block in the city’s Kakaako neighborhood.

The new mixed-use community, for which construction is scheduled to be complete in late 2016, will comprise three residential components. The initial development phase, The Tower, will bring 397 two- and three-bedroom units with ocean and mountain views. More than 75 percent of the new residences within the planned 43-story high-rise have already been sold, with prices starting from the low $600,000s. Amenities will include a swimming pool, a spa, barbecue dining pavilions, a fitness center and entertainment rooms.

The second phase, The Lofts @ The Collection, will consist of 54 condominiums within a four-story, mid-rise building. Priced from the mid-$300,000s, these units opened for pre-sale on Aug. 23 and sold out in less than a day.

The final phase of The Collection will include 14 urban townhomes, for which plans will be announced at a later date.

Upon completion, the project will also include 13,000 square feet of commercial space for shops and restaurants.

Earlier this month, Alexander & Baldwin’s real estate subsidiary purchased the site of the planned development from Kamehameha Schools. Terms of the deal were not disclosed.

“As a Hawaii-based company with a 144-year history in the islands, A&B Properties is committed to creating homes for Hawaii residents to live, play and raise their families,” A&B president & COO Christopher Benjamin said in a news release. “The Collection is a project by a local company for local people, and we are proud and honored that over 85 percent of our homebuyers are Hawaii residents.”

The Collection is part of Kamehameha Schools’ Our Kakaako master plan in Honolulu, which would spread across nine blocks along Ala Moana Boulevard, between South Street and Ward Avenue. Four other developers also plan construction of residential buildings in the area, including Stanford Carr, Castle & Cooke Homes, Gerding Edlen, and a partnership between the MacNaughton Group and Kobayashi Group.

A&B is the developer of two other high-rise condominium projects in Honolulu, Keola Lai, which opened in 2008, and Waihonua at Kewalo, which is nearing completion.